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<Research>Citi Elevates MEITUAN-W (03690.HK) TP to $134, Expects Solid & in Line 1Q Results
Recommend 22 Positive 37 Negative 7 |
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Citi Research issued a research report believing that MEITUAN-W (03690.HK)'s 1Q24 results to be released at end-May will be solid and in line with the market's expectation, with key highlights including management's comments on 2Q24/ 2024 outlook, customer demand for core local services, Unit Economics and margin trends, market competition, impact from extreme weather, the progress on loss reduction in new businesses and investment budgets for overseas businesses and new technologies. Citi Research elevated its target price from $128 to $134, reflecting the increase in target multiple for the food delivery sector. Citi Research kept rating at Buy, in view of its double-digit revenue growth, continuous improvement in earnings and margins, potential catalysts from overseas expansion and faster-than-expected scale down of loss from Meituan Select. AAStocks Financial News |
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